By Lisa Blankman, CPA
Manager, Audit & Assurance Services
[email protected]
Was your phone ringing off the hook after Labor Day? That was Telephone Tuesday calling! Studies show a significant spike in business calls after this long weekend, the unofficial end of summer and relaxing! You may have found yourself dialing up a storm as well. Why, you ask? The end of the year is just around the corner, and procrastination is catching up on everyone as they look upon what they have NOT gotten done but planned to.
You MUST be proactive in order to finish the fourth quarter strong and hopefully wrap up a successful year. Now is the time to move with a stronger sense of urgency. It’s also time to prepare for the coming year and position yourself to take advantages of the opportunities that will be offered to you and your company.
The hardest part of digging yourself out of the futile pit of procrastination is renewing your commitment to a positive plan of action while you still have the time to impact 2019’s operating results. One of the simplest ways to start is with a good, old-fashioned to-do list. You’ll feel much less overwhelmed as you write down your tasks and proceed to cross them out. But you must prioritize that list and in most cases put the MOST difficult tasks at the top, as many times those are the most mission-critical endeavors. That is why you have procrastinated about them — they are not easy!
“If it were easy to become the best, everyone would do it.” — Lou Holtz
Ask the tough questions throughout this analytical process. What operational factors aren’t generating the strategic results you were hoping for by this time of year? Do you need to make personnel changes or alter the responsibilities of certain team members? Do you need to push junior employees to step up to the plate? Analyze your vendors as well and think about whether they are meeting your business needs and making it easier for you to accomplish your goals. Are their pricing and services commensurate with their cost?
While you’re at it, take a look at your budget, too — both what is remaining for 2019 and what you should plan for in 2020. Do you need to tighten it up a bit or build upon it? Make specific, measurable financial goals for both periods. It is NEVER too late to set reasonable goals. Think about how much revenue you aim to rack up in 2020. Do you need to raise prices in order to keep pace with your cost structure? When was your last price increase?
Remember: Great leaders have a VISION, but they focus on EXECUTION!
Don’t let yourself fall behind! There is still plenty of time to ensure a great fourth quarter and plan for an even more successful 2020. Start right now! Develop that plan of action that will help you achieve your goals!
If we can assist you further with achieving success in your business or personal affairs, please call Lisa Blankman at (317) 613-7856 or email [email protected].